Money Talks - Lending Money

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Fri, 19 May 2017 10:21:27 +0000Money Talks - Lending MoneyMoney Talks - Lending Moneyhttp://chic.clipsyndicate.com/video/playlist/12942/6924399?cpt=8&wpid=2637WVLAyou've probably experienced this at some level: a family member or friend asking for a large sum of money. it can be awkward, and depending on who it is, it can even be a bad idea. but you can plan for it.... that's the topic of this week's money talks. 3 welcome to this weeks edition of money talks in fred childers joined by chad olivier a certified financial planner a way to get rid of got a sensitive subject for sure how he was experiences before sometimes you have family members who need money and they'll ask to borrow the large sum of money so what are some of the tips for handling this the stuff situation with a member with fred i just this week we had a client come in and beat their second marriage for both of them and they both said the same thing i said whatever you do don't own any money to get the kid who is it is it yes yesterday get here so in the and the problem was that the kids are paying them back in so if you do loan money to a family member or friend or three children we always suggest that are you into it actually is a former promissory note i have one client that does a promissory note and put an interest rate on that because he could have the money earning at least cd type rates up kid saying well if i wanted to do all that i would just go to the bank what would you say that that's not always the best way to go and so and we always tell our took my specialist a return that a living on a fixed income that that retirement on the phone that you're getting income off of is not a savings account so we suggest if that is not a lump sum to not come out of that took a load to children know you are truly a fixed income and the kids need to know that right now and to make it official are there other documents you can get to make a circle yet so you should look at some type of a promissory note and i keep in mind that you are able to get a $14,000 a year to talk to anybody it in in if you get more than that you need to actually do a gift card for target is located in a going to be on it right but to get tougher because each of us have about almost 5 1/2 million dollars that we can get through our lifetime and he just has to but then i just again keep in mind specifically from retirement accounts in the disney movie pain patches i will get text for the record that the person giving it to you know they get text from the retirement account that was the next question with the hr the tax consequences didn't figure out that they canceled that but what about text brittany get a tax break if you don't get paid need to know today is no there's no tax consequences and there's no tax break on either side and again we always just want to make sure that every wednesday no other if he is a child of the other children to get some table is a type a good portion of the above these gifts and getting it to make sure i didn't like it then we do suggest again some type of legal document saying you know if you can you can board from the bank of dad but i need to pay did not hear back yet cancel times with interest my grave mistake just better thanks chad for this weeks edition of money talks i'm fred childer we'll be right back 3 3